CBN signals end to official rate regime for naira | The Guardian Nigeria News - Nigeria and World News - News Summed Up

CBN signals end to official rate regime for naira | The Guardian Nigeria News - Nigeria and World News


The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products. If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg. Also yesterday, the interbank rate depreciated by 0.2 per cent to N360.43 per dollar at the close of trading, while the parallel market remained steady at N360 per dollar. A move toward a market-determined exchange rate would be welcomed by investors, who have long accused government of some level of capital controls and bemoaned multiple exchange rates. It is making the exchange rate more liquid to attract more inflows.”


Source: The Guardian June 13, 2019 04:41 UTC



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